How seniors can improve their life insurance coverage

Seniors looking to top up their life insurance should consider a medical exam to verify their fitness. Getty Images

Life insurance is often viewed as a fundamental part of sound financial planning. Many people of all ages and backgrounds can benefit from an existing policy. This can be for adults just starting out in their careers, homeowners with long-standing mortgage payments, or even seniors looking for the security that life insurance offers.

While life insurance policies are often not considered “worthwhile” for the latter group, many seniors actually have policies. “57% of Americans age 65 and older own life insurance policies,” according to a recent article. But that figure, the article says, “marks a 10% decline in ownership over the past decade.”

While the decline could be tied to any number of factors, the percentage who have life insurance is significant. In order for these older adults to get the most out of a policy, it’s helpful to understand some strategies that can enhance their protection. We will examine three of them below.

If you are in the life insurance market, request a free quote now.

How seniors can improve their life insurance coverage

Here are three effective ways seniors can upgrade their life insurance coverage right now.

Get a medical exam

Life insurance medical exams are used to verify the health and well-being of the applicant. By taking these exams, applicants can demonstrate that they are in good enough health to justify the level of coverage they are requesting. Applicants with positive test results are in the running for more coverage (at a lower price) than those who choose life insurance without a test. Unexamined life insurance coverage is often limited because the provider does not have a complete picture of who they are insuring. But if you take the exam – and do well – you’ll improve your chances of getting more coverage.

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Not sure what you qualify for? It’s easy to get a free estimate.

Apply for term life insurance

Term life insurance is often the best type of insurance for seniors for a variety of reasons. For older adults looking to increase their protection, this is the type to go for. Term life insurance only lasts for a certain period of time before it expires. And it has no cash reserve (unlike its life insurance counterpart). For both of these reasons, insurance providers are more likely to offer seniors more coverage at a lower cost than if they had applied for another type of life insurance.

shopping spree

Don’t assume you already have as much cover as possible. Different providers offer different terms and amounts. You may be able to get more coverage for the same or less price than you currently pay. To find out for sure, you need to do your research and get quotes from at least three insurance companies. Just make sure you do an apples-to-apples comparison (get quotes for the same type, amount, and duration of coverage from all three). This will ensure you have an accurate baseline to measure against.

You can get a free quote online now or use the chart below to start shopping for life insurance companies.

The final result

As with all financial products and services, it pays to stay informed and up to date. Life insurance is no different. There are ways seniors can increase their coverage without necessarily having to pay more. This includes a medical exam to prove their health and well being, applying for term life insurance and of course finding the best deals and terms.

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